← Reverse mortgages in Colorado
Updated
Can you get a reverse mortgage in Denver if you still owe on your home? Yes, and it is common. The reverse mortgage pays off your existing loan first, which ends that monthly payment, and whatever equity is left over becomes available to you. On a typical $539K Denver home in the county, a longtime owner often has plenty of equity to cover the payoff and still free up cash.
A typical Denver home is worth around $539K, and for someone who bought in Wash Park or Park Hill decades ago most of that is equity they have never touched. A reverse mortgage is one tool among several, and I will point you to a better fit when there is one. See how Denver compares on my Colorado aging-in-place overview.
On this page
- Local reverse mortgage broker in Denver
- Aging in place in Denver
- What is my Denver home worth?
- Reverse mortgage calculator
- Cost of aging in place
- Is a reverse mortgage right for me?
- Learn how reverse mortgages work
- Reverse mortgage options in Denver
- How much a reverse mortgage costs in Denver
- Condos and HOA
- Reverse mortgage FAQs
Reverse Mortgage Specialist in Denver, CO
Who is a local reverse mortgage broker in Denver, CO? Christopher Gibson (NMLS #1910430) is an independent broker with C2 Financial Corporation (NMLS #135622). He helps Denver homeowners age 55 and older (age 62+ for the government-insured HECM) turn home equity into funds for retirement. Because the funds are loan proceeds rather than income, they are generally not subject to federal income tax.* Call or text 720-449-6622.
Aging in place in Denver, at a glance
The honest pros and cons, every measure I track, sorted by which way it cuts. Full detail below.
| Works in your favor | Neutral or mixed | Plan around it |
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Figures: U.S. Census ACS 2020-2024 5-Year; County Health Rankings 2025 (life expectancy, county level); NOAA 1991-2020 Climate Normals; FEMA National Risk Index (per hazard, not the composite); USGS elevation. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Why a reverse mortgage appeals to Denver homeowners 55+ attempting to age in place
A Denver owner who bought in a historic neighborhood like Washington Park or Congress Park decades ago is often sitting on several hundred thousand dollars in equity, on a home now worth around $539K. Front Range property taxes have climbed with the metro’s tech and aerospace growth while a fixed retirement income has not, and a reverse mortgage turns part of that equity into cash flow without a monthly payment.
Denver’s growth over the past decade, fueled by outdoor recreation, tech, and aerospace, has pushed many longtime owners in historic neighborhoods like Washington Park, Park Hill, and Congress Park well past what a fixed income alone could leverage. That built-up equity, whether it sits in a century-old bungalow or a newer build near Stapleton/Central Park, is exactly what a reverse mortgage can unlock without a monthly payment or a move.
Denver reverse mortgage facts and figures
Denver’s Front Range growth has pushed home values well above the Colorado norm, and that built-up equity is exactly what a reverse mortgage puts to work. Here are a few numbers worth knowing:
Home values: Zillow, mid-2026. HECM limit: HUD/FHA 2026. Figures change, ask me for today’s numbers on your home.
What is your Denver home worth today?
Curious what your home could be worth, and how much equity you have to work with? Use my free home-value tool below. Enter your address for an instant Denver estimate you can track over time, at no cost and no obligation.
Reverse Mortgage Calculator
Let’s calculate how much equity you can unlock.
A reverse mortgage is a loan. The balance grows over time and is repaid when the last borrower leaves the home. You keep the title, and you remain responsible for property taxes, homeowners insurance, and upkeep.
Aging in place in Denver with a reverse mortgage: what it really costs
A reverse mortgage in Denver is really a decision about staying put affordably at altitude, so the numbers that matter most aren’t just price and rate. Here are the local costs, care options, and details worth knowing first.
Denver is expensive, and that is the whole point
Denver runs about 10% above the national average on overall cost of living, and almost all of that gap is housing, which sits roughly 20% above (C2ER Cost of Living Index, March 2026). For someone still working, that is a squeeze. For a 72-year-old who bought in Park Hill or Berkeley thirty years ago, it is the opposite. The same market that prices your grandchildren out is the reason you are sitting on several hundred thousand dollars you have never touched. Denver is also a young city, only 12.5% of residents are 65 or older against roughly 18% nationally, which means staying put usually beats trying to buy into a market built for dual-income households.
World-class medical care, close to home
Denver Health Medical Center and UCHealth University of Colorado Hospital on the Anschutz campus are both Level I trauma centers, and National Jewish Health is the country’s leading respiratory hospital. If you are moving here from sea level with a heart or lung condition, talk to your doctor first. Denver at 5,280 feet sits below the roughly 8,200-foot threshold where National Jewish Health identifies significant cardiovascular effects, but the conversation is worth having. Check any hospital’s current rating at Medicare’s Care Compare.
Cost relief for seniors: two programs, and one that conflicts
If you are 65 or older and have owned and occupied your home for 10 or more consecutive years, Colorado’s senior homestead exemption cuts your taxable value by half of the first $200,000, up to a $100,000 reduction. Denver residents apply through the city. Separately, the Denver Property Tax Relief Program is a city rebate for homeowners 65 or older at or below 60% of area median income, and it stacks on top of the state exemption. Most people I talk to know about one and not the other.
How to apply, Denver senior exemption
A reverse mortgage disqualifies you from the tax deferral
- Colorado also runs a senior property tax deferral, which lets owners 65+ postpone their taxes as a loan against the home.
- It does not allow reverse mortgages. A HECM disqualifies you from applying, and taking one out later triggers repayment of the deferred balance within 90 days.
- If you are already deferring, tell me before we go any further. This is the kind of thing that surfaces at closing if nobody asks early, and by then it is expensive.
- The exemption and the city rebate have no such restriction. Only the deferral does.
Half this city was built before 1980
This is the number that decides whether aging in place is realistic. Per Census data, Denver’s median build year is 1979, 50.9% of homes predate 1980, and 16% were built before 1940. A pre-war Denver bungalow was not designed for a walker: narrow doorways, a step up at the front door, and the only full bathroom at the top of the stairs.
Retrofitting is not cheap, but it is usually cheaper than moving. Around Denver, grab bars run $100 to $700 each installed, a tub-to-shower conversion averages about $3,174 with a curbless entry adding $1,500 to $6,500, and a full walk-in shower averages roughly $9,522. Additions run $80 to $200 per square foot building out. Here is the local wrinkle: the average Denver lot is only 0.131 acres, so builders default to going up. That is exactly backwards for someone who wants to stop climbing stairs, which is why a main-floor suite in Denver usually means a bumpout, a garage conversion, or reworking space you already have. Reverse mortgage proceeds are a common way to fund it.
Paying for care, where a reverse mortgage helps most
Colorado is one of the more expensive states for care. Many families use a reverse mortgage to fund in-home care, which is often less than a facility and lets you stay in the Denver home you love, longer. (Genworth/CareScout 2024.)
State income tax on retirement income
Colorado has a flat 4.4% income tax and treats retirement income kindly. Social Security is largely exempt once your federally taxable benefit tops $24,000, and filers 65 and older can subtract up to $24,000 of pension and annuity income. Reverse mortgage proceeds are loan advances, not income, so they are not taxed at all and they do not enter that calculation.
Hail, not wildfire, is what drives your premium
Colorado property insurance has climbed from roughly $2,600 at the end of 2023 to about $4,000 at the end of 2025, with a projected $4,200 by the end of 2026, sixth highest in the country. People assume that is wildfire. It mostly is not. The Colorado Division of Insurance surveyed twenty carriers and found hail claims largely outnumbered wildfire claims. Wildfire pricing is a foothills and wildland-interface problem. Inside Denver city limits, you are paying for hail. Ask specifically about your roof and hail deductible, because a separate percentage deductible on the roof is common here and it is where people get surprised.
Getting around when you stop driving
Denver scores 61 on Walk Score, which is honest rather than flattering, and it varies enormously by neighborhood. What works better than the score suggests is transit. RTD gives riders 65 and older a flat 50% discount, which puts a monthly pass at $27 against $88, and unlike the regular fare it includes travel to the airport. There is also SeniorShopper, a grocery run from senior housing and community centers at $2.70 round trip. One correction worth making: Access-a-Ride paratransit is not age-based. Turning 65 does not qualify you; it requires a disability that prevents independent use of regular buses. Denver has been in the AARP Network of Age-Friendly Communities since 2014, and the DRCOG Area Agency on Aging runs a free resource line for adults 60 and over.
Winter is 31 separate shoveling days
Denver averages 49 inches of snow across about 31 days a year. That sounds worse than it is and better than it is at the same time. Under two inches per event on average, and it usually melts fast. But it is thirty-one separate occasions when someone has to clear a walk, and for an owner in their late seventies that is a recurring service cost and a fall risk, not a scenic inconvenience. Budget for it the same way you budget for the furnace.
A note on estate taxes and your heirs
Colorado has no state estate tax and no inheritance tax. A reverse mortgage is non-recourse, so your heirs never owe more than the home is worth and they keep any equity left after the loan is repaid. Because the balance does reduce what remains in the estate, it is still worth a short conversation with an estate attorney.
See how much equity your Denver home could unlock →
The data behind the stay-put decision
County life expectancy is 77.4 years, near the 77.1 national figure. Unremarkable, which here is fine. Measured on the government price index, the Denver-Aurora-Centennial, CO metro area comes in at 106 where the US is 100. On the weather, snow needs clearing on roughly 16 days a year, and 31 days a year top 90F, with 278 days a year seeing no measurable precipitation. The number that matters most is the last one. Holding a mortgage-free home here runs $695 a month, 14% of what a typical 65+ household takes in.
Sources: Zillow; U.S. Census ACS (B25034/B25035, QuickFacts); C2ER Cost of Living Index, March 2026; Colorado Dept. of Revenue; Colorado State Treasurer, Property Tax Deferral; Denver Assessor and Denver Dept. of Housing Stability; Genworth/CareScout 2024 Cost of Care; Colorado Division of Insurance via The Colorado Sun; NOAA 1991-2020 normals; RTD; Walk Score; AARP Livable Communities; DRCOG Area Agency on Aging; National Jewish Health; Medicare Care Compare; Angi (Denver). Figures are educational, verify your specific numbers before relying on them. USGS Elevation Point Query Service. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Wondering whether a home is one you could grow old in? Score any home in about 15 minutes, and see how a reverse mortgage can fund the upgrades.
Use the Aging-in-Place ScorecardQuick guide: is a reverse mortgage right for me?
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Free guide: Your Home Can Help
My complete guide to reverse mortgages for Colorado homeowners, the retirement squeeze, the myths, your options, real client stories, and what it really costs. No email required.
Learn how reverse mortgages work
Want the full details before we talk? These guides cover everything, no local sales pitch, just the facts.
Reverse mortgage options in Denver: HECM vs. jumbo
HECM covers most Denver homes; a proprietary jumbo is built for higher-value homes above the FHA limit and for many condos. For the full side-by-side of HECM, jumbo, HELOC, and HEI, see the reverse mortgage comparison table, or the types of reverse mortgages for a plain-English rundown.
How high you live is part of the housing decision
Denver sits at 5,292 feet. Standard for the metro. Not an issue for most people, and not nothing either if you arrive here in your seventies with a heart or lung condition already on the chart.
The mile-high number is the famous one, and it is unremarkable in the state that contains Summit County. The loan side is worth understanding before you sign anything: a reverse mortgage depends on you living here, so a medical relocation has consequences a refinance would not. I explain them on my Colorado reverse mortgage page.
Buying a home? Consider a HECM for Purchase (H4P)
A HECM for Purchase lets you buy your next home using a reverse mortgage, so you put down a portion and finance the rest with no required monthly principal-and-interest payment. For a Denver owner leaving a two-story bungalow with stairs for a single-level place or a low-maintenance condo, it is a clean way to move without taking on a new monthly payment.
How much you can access depends on age, rates, and value. Start your own estimate with the reverse mortgage calculator below.
Full detail, including what you would need to bring at each age, is on the HECM for Purchase page.
How the process works, step by step
Consultation, HUD counseling, application, appraisal, closing, with a three-day right to cancel. Most Denver County files fund in 30 to 45 days. Here is how a reverse mortgage works, step by step.
How much a reverse mortgage costs in Denver
The biggest cost is FHA mortgage insurance: 2% of the home’s value upfront, plus about 0.5% a year on the balance, and that upfront premium funds the FHA guarantee behind the non-recourse protection. On a typical Denver home at $539K that is about $11,000 at closing, and most of it rolls into the loan. Every fee, itemized.
The honest trade-offs (the balance grows, you still cover taxes and insurance, and it rewards a longer stay) are the same anywhere. I lay them all out in the pros and cons of a reverse mortgage.
Why work with a mortgage broker, not a bank
A bank sells you one rate sheet. I shop the same loan across more than 30 wholesale lenders, which also opens up the proprietary and jumbo programs a single bank cannot offer, and at Denver’s $539K median that is often the difference between a HECM and a materially bigger draw. C2 Financial Corporation, NMLS #135622.
What happens to your home and your heirs
You keep the title, and the loan is non-recourse, so you and your heirs can never owe more than the home is worth. Heirs can repay, refinance, or sell and keep the rest, and Colorado has no estate or inheritance tax to complicate it. Timelines and the 95% rule.
What about condos and HOA approval?
A HECM needs the whole project FHA-approved and plenty of Denver buildings are not. A proprietary loan can often finance one that is not, so check the building before you assume the answer is no. Property and eligibility rules.
The HUD counseling requirement, explained
Federal HUD rules require an independent HUD-approved session before closing, usually low-cost or free, and it has to be finished before I can pull an FHA case number. HUD publishes the approved counselors serving Denver County, so scheduling never has to stall your file. What the session actually covers.
Reverse mortgage FAQs for Denver homeowners
Can I get a reverse mortgage on a Denver condo?
Often, yes. A standard FHA HECM needs the whole condo project to be FHA-approved, and many buildings are not. When that is the case, a proprietary reverse mortgage can usually finance a non-approved or non-warrantable condo. I check your specific building first.
How much can I borrow in Denver?
It depends on the youngest borrower’s age, current rates, and your home value. Most Denver homes fall within the standard FHA HECM limit, while higher-value homes may also fit a jumbo program that exceeds it.
Is HUD counseling required in Denver?
Yes. You must complete a session with a HUD-approved counselor before closing. It is usually low-cost or free. HUD publishes the approved counselors serving Denver County, so scheduling never has to slow you down.
Do I still pay property tax with a reverse mortgage in Denver?
Yes. With a reverse mortgage you keep title and remain responsible for property taxes, homeowners insurance, and upkeep. Depending on your age and income you may qualify for senior property-tax relief in Colorado (the programs vary by state and by county), and you can use reverse-mortgage funds to help cover those ongoing costs.
Have a question about a reverse mortgage in Denver? Call or text me at 720-449-6622. No pressure, just straight answers.
Denver neighborhoods and nearby areas I serve
Can you get a reverse mortgage in Denver if you still have a mortgage?
Yes, and it is common. The reverse mortgage pays off your existing mortgage first, which ends that monthly payment, and whatever equity remains becomes available to you. You just need enough equity to cover the payoff. Here is how qualifying with an existing mortgage works.
I work with homeowners across the city and greater Denver County. That includes Capitol Hill, Cherry Creek, Washington Park, the Highlands (LoHi), Five Points/RiNo, Congress Park, Sloan’s Lake, and Park Hill. Core ZIP codes include 80202, 80203, 80206, 80209, 80211, 80218, 80220.
In addition, I also help owners in nearby communities such as Aurora, Lakewood, Arvada, Englewood, Wheat Ridge, Cherry Hills Village, Greenwood Village, and Boulder, and across Denver, Arapahoe, Jefferson, and Adams counties. See every area I cover on my reverse mortgages across Colorado page. Do not see your area? Reach out and ask.
If aging in place is your goal, local resources like the Denver Regional Council of Governments Area Agency on Aging, and the City and County of Denver Office on Aging can help you plan, and my free Aging-in-Place Home Scorecard lets you score any Denver home in about 15 minutes to see how ready it is to grow old in.
Reverse mortgages in nearby communities
About Christopher Gibson
Christopher Gibson (NMLS #1910430) is an independent mortgage and reverse mortgage broker with C2 Financial Corporation (NMLS #135622), serving homeowners across the states he is licensed in. Call or text 720-449-6622. More about Christopher.
Read reviews of Reverse Mortgages & Home Loans with Christopher Gibson at C2 Financial
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*This is general information, not tax advice. Reverse mortgage proceeds are loan advances rather than income and are generally not subject to federal income tax. Consult a CPA or tax advisor about your specific situation. Receiving loan proceeds may also affect eligibility for need-based government benefits such as Medicaid or Supplemental Security Income (SSI).